Orient Insurance, the largest insurer in the UAE, has announced a net profit of AED171m during the first quarter of 2020, 3% higher than the AED166m net gain reported for the corresponding quarter last year.
Total written premiums amounted to AED1.5bn in 1Q2020, an increase of 15% over the AED1.3bn reached in the first three months last year.
Orient Insurance says in a statement that its performance has not been impacted by the COVID19 pandemic. The company has continued its growth trajectory in all areas of insurance operations such as premium, technical profit, net profit, shareholders’ equity, assets, cash and bank deposits.
Shareholders’ equity crossed the AED3bn mark, making Orient Insurance the only company in the country to achieve this milestone. Shareholders’ equity reached AED3.1bn at 31 March compared to AED2.8bn, 12 months previously, an increase of 11%.
Total assets increased to AED8.8bn at 31 March from AED7.7bn a year ago.
Digital transformation
Responding swiftly to the changing environment, Orient Insurance made substantial changes in the structure of its business operations, with its turbo-charged digital transformation, according to the statement. The digital platform for sales and services which Orient Insurance operates has eliminated the need for a physical presence in many areas.
The number of branches has been trimmed to six in the UAE. Three branches in Dubai, two in Abu Dhabi and one in Fujairah have been closed, resulting in the company’s headcount decreasing by 26%.
A transparent, seamless, mobile friendly and efficient omnichannel experience integrated with technologies and backed by its more than 500 sales representatives made this possible for Orient Insurance, says the statement.
The insurer, being the sole insurance provider to Expo 2020, will continue to provide seamless insurance protection, despite the force majeure conditions that led to the postponement of the event, the statement says.
The first confirmed case in the UAE was announced on 29 January 2020.
Source Middle East Insurance Review
